Boomers are the butt of many jokes these days, and often the object of ire for younger generations. But they have proven they know how to manage their money well. Here are a few secrets to saving money Boomers use are just as relevant today as they have always been:
Start With an Old-Fashioned Downsizing
Are you already living outside your means? This is easier than ever with the introduction of various kinds of credit and pay-over-time options. The answer is simple: learn to live with less by having less. We’d even go so far as to say that if you’ve already slashed your budget, cutting things even further by moving into a smaller home or apartment can help you save money on utilities and rent so you can save for things that matter.
Cook at Home
Not everyone is going to like this reality check, but it’s necessary — saving money is going to be impossible if you’re spending ten times more on food every month by constantly going out to eat. Teach yourself to cook; it’s not as hard as you’ve been telling yourself. Start small and build your confidence with easier dishes you know you’ll love. You’ll both eat better and save a ton of cash.
Stay Active (Without Spending)
Being fit and active doesn’t have to cost a thing. It’s also one of the most important cornerstones of living a long, healthy life. Go for walks after dinner, get up from your desk and stretch, and just find opportunities to move around whenever you can. It saves you money on gym memberships if you learn body weight exercises at home. But the real savings come from long-term health, because if there’s anything that will derail your financial security, it’s hospital bills.
Limit Impulse Spending
Boomers didn’t spend much outside their budget, but that’s become something of a norm today. You can hack the system by putting an “impulse purchase” category into your budget. It allows you to give in to the candy bar in the checkout lane every once in a while without the guilt of wondering if you had the money for it. And if you’re worried about larger purchases, take a leaf out of a boomer’s budget and think about it for at least 24 hours to see if you still want it.
Take Advantage of Free Resources
Many communities offer free resources such as libraries, fitness classes, and workshops. Explore local offerings to find activities that interest you without the price tag. Libraries also provide free access to books, audiobooks, and digital media, making it easy to enjoy entertainment on a budget. It’s not a fancy online Masterclass, but that’s a good thing; it’s the same information at a fraction of the cost. Boomers saw opportunities everywhere to make the most of what was around them, and entertainment or personal development was no exception.
Negotiate Your Bills
This is probably the most well-kept secret, but did you know you can negotiate how much you pay for things like your internet? Many service providers are willing to offer discounts or lower rates to retain customers. Call your internet, cable, or phone providers and ask if there are any promotions or cheaper plans you can switch to. It sounds a lot scarier than it is, and more often than not they’ll be happy to help.
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There is nothing complicated or even controversial here. It’s simply good old fashioned common sense. Some of these tips will be easier to implement than others. The great thing is, you get to pick and choose which ones you want to try. Start with the one that would fit with your life the best, and see how much you can save!